Textile factory Texmoque, going bankrupt has been taken over by Tanzanian company METL with a promise to resurrect the factory.
METL has assured that it will invest US$20 million in order to acquire new equipment and re energize the factory. Production is expected to restart in 2007 and will have workforce of around 400.
The deal was delayed after the allegation of bribing the officials which later out turned out to be farce. It had been alleged that Institute for the Management of State Holdings (IGEPE) was privatizing Texmoque which was a myth since it was already privately owned.
METL has huge textile plants in Tanzania including the two which were saved from collapse by its willingness to make large cash flow in new machinery and equipment.
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